The proceeds of the New Senior Credit Facilities are intended to be used to redeem in full its existing €230,000,000 floating rate senior secured notes due 2020 (the “Floating Rate Notes”) and its €196,000,000 6¼% senior secured notes due 2020 (the “Fixed Rate Notes” and together with the Floating Rate Notes, the “Notes”) in accordance with the indenture governing such Notes, to make a distribution to shareholders and to pay related fees and expenses. The closing of the transaction, the initial funding of the New Senior Credit Facilities and the redemption of the Floating Rate Notes are expected to occur in March 2017. An additional borrowing of term loans and the redemption of the Fixed Rate Notes are expected to occur in May 2017.
The consummation and actual terms of the New Senior Credit Facilities are subject to a number of factors, including market conditions, negotiation and execution of definitive documents and satisfaction of customary closing conditions. The terms of the New Senior Credit Facilities could materially differ from those outlined above and there can be no assurance that Paroc will enter into the New Senior Credit Facilities or will redeem the Notes. Any notices of redemption that Paroc submits with respect to the Notes will be conditional upon the drawing of the required amounts to fund the redemption of the Notes.
The information contained in this announcement may contain forward-looking statements, estimates and projections. These statements involve elements of subjective judgment and analysis and are based upon the best judgment of Paroc as of the date of this announcement. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties, as there are a variety of factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Therefore, you should not rely on these forward-looking statements. Neither Paroc nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein and this announcement is not a representation by Paroc or any other person that they will do so, except to the extent required by law.
This announcement constitutes a public disclosure of inside information by the Issuer under Regulation (EU) 596/2014 (16 April 2014).
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other loans or securities.